Azerbaijan to present data on abuses in AML/CFT sphere in a new form

The Financial Monitoring Service operating under the Central Bank of Azerbaijan (CBA) has prepared a form of statistical reporting on abuses in the sphere of Anti-money Laundering / Combating Terrorist Financing (AML / CFT), the service reported on Thursday.

The format has been agreed with the National Security Ministry and the Anti-Corruption Commission under the General Prosecutor’s Office and registered in the Justice Ministry.

The main purpose of the preparing forms is to ensure the effectiveness of the relevant government agencies through the centralization of statistical data on offenses in the AML / CFT.

The National Security Ministry and Anti-Corruption Commission will submit to the Service data on offenses by the new form every 6 months.

The introduction of these statistical forms allows for quick data exchange between certain government agencies in the AML / CFT, and will serve as an important institutional mechanism.

The establishment of this mechanism was also envisaged in the memorandum of understanding signed between the service and the relevant law enforcement authorities.


/Trend/